Gold shone, smallcaps slipped: What really worked for investors in 2025 and how discipline beat timing in a volatile

Indian equities consolidated in 2025, with the Nifty delivering a modest 9.4% return amid concerns over stretched valuations and slowing earnings growth. Domestic pressures were compounded by foreign capital outflows and geopolitical uncertainty, leading to broad-based market weakness. Investors prioritised stability, favouring large caps over mid and small caps.